Axiata raise IDR5.05 from divestment XL share

Axiata Group Berhad raise IDR5.05 trillion proceeds from the divestment of 1.53 billion shares or 18.2 percent shares of PT XL Axiata Tbk, the subsidiary firm, with a par value of IDR3,300.
Axiata, with 86.5 percent ownership at XL through Indocel Holding Sdn Bhd, finalized the secondary offering process last week.

The stock sell price was defined at top level of the offering price ranging form IDR3,000- 3,300. Besides, the demand from investors has increased 3-4 fold or 4.59-6.12 billion shares.
The sale price was discounted 6 percent if compared to XL stock price at market of IDR3,500 following the sharp rise of 4.48 percent or IDR150 last Friday. Thus, Axiata raked up IDR5.05 trillion proceeds or 1.83-2/02 billion ringgit.

Axiata shareholders prioritized local buyers with higher allotment or 50-80 percent (as from the offered stocks).

Axiata also prepared 1.8 percent greenshoe in the next three days. If necessary, the option will be executed by Goldmand Sachs (Singapore) Pte, as the initial buyer.
In the offering Axiata is assisted by CIMB Invest-ment Bank Berhad, PT Mandiri Se-kuritas, J.P. Morgan Securities Ltd, and Morgan Stanley Services Ltd.
Hasnul the corporate action is not public offering so that it was only offered to less than 49 domestic investors. With the scheme, the execution did not refer to the capital market regulation on public offering.

In addition to Jakarta, Axiata also offered XL stock to investors in Singapore, Hong Kong, New York, Washington, Boston, London, and Edinburgh on the secondary offering roadshow.
Wit the divestment, the public increased their possession as from 0.2 percent into 18.2 percent. The other shareholders, in addition public and Indocel, include Emirates Telecommunications Corporation (Etisalat) with 13.30 percent.